Sharp County record., 1887-04-21
THE STATE DEBT.

! ed for Passage.
The following has been introduced to
| the House as the product of the joint COM
| mittee.
| A bill for an act to be entitled an act to pro-
vide for paying the public debt OF the State
| of Arkansas. Be it enacted by the General
| Assembly of the State of Arkansas:
| SECTION l. That the Governor, Secretary OF
| State and Auditor be and they are hereby con-
| stituted State Debt Board for the purposes
| mentioned in this act.
| SEC 2 Before entering on their duties as
| members of said State Debt Board they shall
| take an oath that they will faithfully perform
| their duties as such.
SEC. g. The entire State Debt Board shall be
necessary for the transaction of business.
| SEC. 4. The Governor shall, eX-olhcl0, be
| president of said State Debt Board, which shall
| elect one of its members as secretary thereof;
| and he shall keep record of all their proceed
| ings, which shall at all times be open to public
inspection.
SEC. 5. Said State Debt Board shall make
| biennial reports to the General Assembly OF all
| its proceedings under this act.
| SEC. 6. The treasurer SHALL under and by di-
| rection of the State Debt Board, pay out the
money now in the sinking fund, by redeemlng
| under such regulation as the State Debt Board
| may adopt under the provisions OF this act the
| bonds and past due coupons OF the SIX per cent.
| funding bonds of eighteen hundred and Sixty
| nine and eighteen hundred and seventy, except
| those that have been declared illegal by amend
ment to the Constitution of this State: ana
| such of the refunded bonds of the state
as may be found TO have been issued
| in lieu of the bonds of the State which
were illegally disposed of by the
| officers, agents or commissioners OF the Real
| Estate Bank of Arkansas, or of the State Sank
| of Arkansas; but said State Debt Board hail
| reserve sufficient amount of said sinking iuhu
to pay for printing of the certificates Of indebt-
edness hereafter provided for in this act not eX-
ceeding the sum of 5000
SEC 7. That to create sinking fund" with
| which to liquidate the valid and undisputed
| bonded Indebtedness Of the State, there shall
| be levied and collected, and paid into the treas
ury, annually, a tax of one mill on the dollar on
all taxable property within this State, to be de-
nominated sinking fund tax.
| SEC. s. That said State Debt Board be and it
| is hereby authorized to dispose of any of the
| bonds of the State, now in the State Treasury
| belonging to the sinking fund" to the Board
of Commissioners of the common school fund OF
| this State, for the purpose mentioned in sec
| tion 6l37 of Manstleld's Digest of the Statutes
| of Arkansas, at par, accrued interest included,
| provided that the State shall pay to the com
| mon school fund interest on any bonds so dis
posed Of from the date of such sale. The
| money received for the sale Of any of the bonds
| as herein provided shall be placed in the State
Treasury to the credit of the sinking fund
| SEC. 9. The said State Debt Board shall su-
| perintend the settlement of the valid and undls-
puted bonded Indebtedness OF the State, IN the
manner hereinafter prOVlueu. w whenever IncIo
| shall be in the treasury, to the credit Of the
| sinking fund, the sum Of twenty-five thousand
| (S25, ,000) dollars, or more, said board may, IN
their disc retOn, advertise for proposals tor the
sale of any of the valid and undisputed bonds
of the State. Notice of the time and place OF
receiving such proposals shall be given by pub
licatiOn in the city Of Little Rock, at St Louis,
No, and at New York N. Y, for thirty days.
SEC 10. Said board shall not accept any pro-
posal for sale at a greater price than the par
value and accrued interest of any such bonds.
Nor shall said board accept proposal for sale
of less than the whole OF any bond, includinS
interest. nor at any time make partial pay
ment on any bond and no coupon shall be palu
unless attached to and surrendered with the
bond Provided, that where interest coupons
may be outstanding and the principal of the
bond from which they were taken has beer
paid in full such coupons may be treated u
though they were original bonds. PROVIDED,
further, that said State Debt Board may relect
any and all bids under the provisions OF this
act
pos0ls of sale of any of the aforesaid bonds the
board shall make an order that the same be al
lowed, and the price agreed upon paid out OF
the sinking fund. A copy Of the order shall be
filed with the auditor, who shall issue special
warrant upon the treasurer in favor of the
holder of the bond or bonds purchased, recitl'S
the numbers and dates of the bonds purchased,
which shall be paid ~ the treasurer upon the
holder acknOwledgil/, full satisfaction OF such
surrender thereof to the treasurer; and sad
old bonds and coupons shall be Cancelled by the
State Debt Board, and shall be filed with the
treasurer and be there kept for future refer
ence.
SEC. 70. That said board may cause to be en-.
graved and printed in denominations OF one,
two. five, ten, twenty and fifty dollars state
certificates ofindebtedncss, to be signed by the
treasurer and exchanged by him upon the order
of the board for any of the outstanding valid
and undisputCd bonds and maturcd coupons OF
the State. Provided, no such certificates shall
be prepared or issued until the holders OF sncn
bonds agree and contract with said board to
make an exchange of (S25.ONl twenty-five
thousand dollars, or more, thereon Tor Sucn GER
tifcates.
SEC. 10. The certificates provided for in the
preceding section shall be receivable for the
sinking fund tax, provided for in section seven
IN and shall also be receivable for the States
prorata Of the purchase money paid for lands
forfeited to the State for the non-payment OF
taxes and for liquor license collected on the
part of the State. .
SEC, A. Said board shall keep n record OF
their proceedings, which shall be in the custo-
Gv of the treasurer when the board IS not IN
session. ,,
$500 OO0) dollars is hereby appropriated out OF
the sinking fund, for the purchase of bonds as
provided in this act. for the two years com
mencing April I, 1881, and ending March 81,
'SS9
SEC lO. IN Oruer 10 StCulG tuC ploIiPU pay-
maat of the certificates hcreinbetore au'
thOrized IL is further enacted, as part OF the
contract on which said certificates shall be is.
sued and as an inviOlable condition thereot,
that until said certificates shall have been fully
paid off and discharged, there shall be levied
and collected an annual tax of one mill
ON the dollar on all the taxable prop
ertv of the State which money, SO
realized, is hereby expressly appropriated TO
the payment Of said certificates until the same
have been paid off and discharged; and the
right of any holder of said certificates to the
ber{fts herein provided shall be considered as
vested and ineXtinguishable from the time OF
the issuing therof until said certificates snail
have been fully paid off and discharged. All
moneys belonging to The said fund shall be an
nually applied by the treasurer under the Gl'
rection of the State Debt Board, in eXtlngulsh'
irg any of said certificates which may De OUT
staRdin =.
SEC. II. That Sec. 4 of an act entitled "an
act nroviding for the support Of the State Gov.
erninent and the dissolution of the State Board
of Finance" approved February "a, 1888, ana an
act amendatOry thereof entitled IAN act pro.
viding for the support of the state Boaru OF
Finance" approved March B. 1855, be ana the
same are hereby repealed.
SEC 49, This act shall take effect ana be IN
force from and after its passage
fellow are the committees
On the part of the Senate: w. p. Fletcher.
chairman: Frank NJ Thompson, j. W. Meek,
w. s Hanna, J. 2. Copeland
On the part of the House, Ed. ). Carl-Lee,
II, L. Remmel, John A. Ansley.
On the part of the House: Il. W. Rector, IL.
]. Wilson, do not concur in the above recon-
mendation of the committee.